Quote:
Originally Posted by LChoy
I'm on the board for our townshouse complex (80 units) and we've been really lucky so far. For a complex built in the 70s, there has never been a special assessment in our history. At least for Ontario, we have to have an Engineering study and a Reserve study every 3 years to plan out the major repairs and updates. We have a a healthy reserve fund and I'm pretty good with the budgeting to avoid any special assessment in our future. However as mentioned above, all it takes is one completely unexpected incident to throw all of the planning and budgeting out the window
LChoy
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In Alberta, complexes less than 12 units do not require a 3rd party to do the Reserve Fund report - the Board can serve as 'experts'. This of course, means that you're entirely dependent on the quality of people serving on the Board over a period of 20 years before the big ticket items show up.
"Quad-plexes" and Rowhouses are currently in style right now but they are the most vulnerable to this weakness of Reserve Reports. 2 cheapskates in the quadplex can derail the future financial footing of the entire complex.